Canadian Solar Inc. has announced its unaudited financial results for the first quarter of 2009 ended March 31, 2009 and updated outlook for full year 2009 shipments.

    First Quarter 2009 Results
    -- Net revenues for the quarter were $49.5 million, compared to net
       revenues of $171.2 million for the first quarter of 2008 and $68.8
       million for the fourth quarter of 2008.
    -- Shipments for the quarter were approximately 18 MW, including 1.2 MW of
       solar grade e-Modules and 1.6 MW of solar cells and specialty solar
       application products.
    -- Net loss for the quarter on a GAAP basis was $4.8 million, or $0.13 per
       diluted share, compared to net income of $18.6 million, or $0.57 per
       diluted share, for the first quarter of 2008 and net loss of $49.2
       million, or $1.38 per diluted share, for the fourth quarter of 2008.
    -- Non-GAAP net loss for the quarter was $0.10 per diluted share, compared
       to non-GAAP net income of $0.64 per diluted share for the first quarter
       of 2008 and non-GAAP net loss of $1.35 per diluted share for the fourth
       quarter of 2008, in all cases excluding stock based compensation costs.

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